OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-03-31-accounts

Charity Number

526956

KELSICK'S EDUCATIONAL FOUNDATION

Trustees' Report and Financial Statements For the year ended 31 March 2025

KELSICK'S EDUCATIONAL FOUNDATION

Trustees' Report and Financial Statements For the year ended 31 March 2025

CONTENTS

CONTENTS
Page
Trustees' annual report
-
Reference and administrative details		 1
-
Structure, governance & management		 2
-
Objectives and activities		 2
-
Achievements and performance and plans for future periods		 3
-
Public benefit		 7
-
Financial review		 7
-
Trustees' responsibilities		 9
Independent Auditors' report 10
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16

KELSICK’S EDUCATIONAL FOUNDATION

Trustees’ Annual Report For the year ended 31 March 2025

The Trustees present their report together with the audited financial statements of the charity for the year ended 31 March 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the Charity.

REFERENCE AND ADMINISTRATIVE DETAILS

The registered name of the Charity is Kelsick’s Educational Foundation. The registered charity number is 526956.

Trustees who served during the year and those who were Trustees at the date of this report are as follows:

Nominated Co-opted (Term of 5 years) By Lakes Parish Council (Term of 4 years) Mr N Hutchinson Mr N Martin (Chairman) Mrs A J Renouf (Vice Chairman) vacant Mr P B Edmondson Mr L Johnson Dr P Davies Mr Christopher Shepherd (appointed November 2024) Mr J Cunningham (re-appointed June 2024) Mrs L Britnell (appointed February 2024) Mr M Blackburn (reappointed as a co-opted trustee from November 2024) Mr M Fearon (appointed February 2025)

By Westmorland and Furness Council (Term of 4 years) Mr W Clark

Ex officio (Vicar of Ambleside)

Revd. A Smith

By University of Cumbria (Term 4 years) Vacant

Clerk to Trustees and Kelsick Centre Manager

Mr M Seaton

Principal Office

Kelsick Centre St Mary’s Lane Ambleside LA22 9DG

Property Consultants

Matthews Benjamin Windermere Office Ellerthwaite Square Windermere LA23 1DU

Bankers

Barclays Bank PLC Crescent Road Windermere LA23 1EA

Auditors

Xeinadin Audit Limited 100 Barbirolli Square Manchester M2 3BD

Solicitors

Progression Solicitors 5 Crescent Road Windermere LA23 1EA

Investment Advisors

Castlefield Investments 1 Portland Street Manchester M1 3BE

CCLA Senator House 85 Queen Victoria Street London EC4V 4ET

Page 1

KELSICK’S EDUCATIONAL FOUNDATION

Trustees’ Annual Report For the year ended 31 March 2025

STRUCTURE, GOVERNANCE & MANAGEMENT

Kelsick’s Educational Foundation is a registered Charity (charity number 526956) and is governed by a Scheme dated 13 November 2001, reference N165/01(s), as amended by resolution dated 20 August 2009, made by the Charity Commissioners for England and Wales under the power given in the Charities Act 2011.

The Trustees are appointed under the Scheme as follows:

All new Trustees are required to undertake an induction program and undergo a structured introduction to the operation of the Foundation.

Trustee meetings are held 4 times per year to review and agree major area of policy or at such other times as considered necessary. In addition to these meetings there are monthly finance review meetings and property meetings which are held a minimum of 4 times a year.

Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Foundation and are satisfied that systems are in place to mitigate exposure to major risks.

OBJECTIVES AND ACTIVITIES

The Objects of the Charity are:

  1. The provision of special benefits, of any kind not normally provided by the Local Education Authority, for any Voluntary Schools and Academies that were formerly Voluntary Schools serving the area of benefit, with preference being given to Voluntary Schools and Academies that were formerly Voluntary Schools within Ambleside.

  2. In promoting the education (including social and physical training) of persons under the age of 25 who are resident in the area of benefit and in need of financial assistance.

  3. Any surplus income may be applied for the above objects in Patterdale Ward and the former County of Westmorland.

Strategies for achieving the Objects of the Charity

  1. Maintaining appropriate levels of income from

  2. i. properties with regular rent reviews and oversight by agents, Matthews Benjamin.

  3. ii. investments through investment managers, Castlefield Investments.

  4. Informing potential beneficiaries through

  5. i. The distribution of a K.E.F. Christmas card to families and businesses within the Parish.

  6. ii. our web-site: www.kelsick.org.uk

  7. iii. annual advertisements in the 3 Parish Magazines going to all households iv. direct contact with schools by visits by the Trustees.

  8. v. Kelsick Office open weekday mornings

  9. vi. all board meetings reported in the Westmorland Gazette

Page 2

KELSICK’S EDUCATIONAL FOUNDATION

Trustees’ Annual Report

For the year ended 31 March 2025

  1. Meetings of the full Board of Trustees 4 times a year. At the quarterly meetings, the Trustees agree the broad strategy and areas of activity for the Foundation, including the consideration of grant making, property maintenance, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing and handling of applications prior to consideration by the Board of Trustees is delegated to the Clerk to the Trustees. Meetings of sub-committees for Finance, Grants, Property and Publicity are convened as required. The Board keeps the skill requirements of the Trustee body under review in the event a Trustee permanently retires, and new Trustees are required.

Grant making policy

A new grants scheme was introduced from August 2024, with the aims of increasing the number of applications and ensuring a more equitable distribution of funds. The impact of the new system will be monitored over the next 12 months.

The Foundation invites applications for grants from individuals, voluntary schools and groups by informing potential beneficiaries as stated on page 2. Applicants submit a summary of their requirements in specific format which is reviewed against criteria established by the constitution. The Trustees approve the grants at quarterly meetings.

Details of how to apply for grants, together with the relevant forms are available on the charity’s website and on application to the Foundation office.

ACHIEVEMENTS AND PERFORMANCE AND PLANS FOR FUTURE PERIODS

The Kelsick’s Education Foundation continues to flourish, providing support for the three local schools, and young people living within the parishes.

Grants

On Table B, for the financial year 2024-25, it shows an decrease from £233,195 in 2023-24 to £230,936.

Table A

– - Higher Education Degree, HND Number of Applicants

Academic Year 1st Year 2nd Year 3rd Year 4th& 5th Year
Total
2012-13 13 15 17 7 52
2013-14 15 10 8 6 39
2014-15 15 6 6 9 36
2015-16 14 12 7 6 39
2016-17 8 13 8 8 37
2017-18 10 9 15 13 47
2018-19 13 4 8 7 32
2019-20 9 9 6 7 31
2020-21 11 11 8 9 39
2020-22 9 10 6 8 33
2022-23 9 14 9 4 36
2023-24 15 4 11 5 35
2024-25 10 12 3 3 28

Page 3

KELSICK’S EDUCATIONAL FOUNDATION

Trustees’ Annual Report

For the year ended 31 March 2025

Table B

Categories of grant awards and comparison with 2023-24

2024-25 2024-25 2023-24 2023-24
Category Grant for
Category		 As % of total
grant		 Grant for
Category		 As % of total
grant
Primary – Individuals £13,182 5.71% £14,323 6.14%
Secondary and Further
Education – Individuals		 £18,123 7.85% £22,605 9.69%
Higher Education £29,492 12.77% £36,369 15.60%
Schools £159,239 68.95% £155,122 66.52%
Special Needs £10,250 4.44% £2,591 1.11%
Club & Associates £650 0.28% £2,185 0.94%
TOTAL £230,936 100.00% £233,195 100.00%

Table A. This table should be read diagonally in order to see how the numbers of a given entry in a given year are maintained throughout a course.

Table B. This table shows the grant distribution between different categories.

Property maintenance

In July 2024 GSC Grays completed the acquisition of Carter Jonas Surveyors and Property Consultants. After careful deliberation the Trustees decided to invite tenders to advise on our properties, rent, valuation, repairs and improvements. Matthews Benjamin were appointed in October 2024 and since then have been carrying out comprehensive inspections on all the Kelsick’s Educational Foundation properties.

In addition to the rolling program of property maintenance and upgrading several properties have required substantial unplanned works. This has resulted in a material increase of £76,603 in maintenance and repairs expenditure to a total of £139,117 in 2024-25. It is anticipated that higher than previously planned levels of maintenance will continue into 2025-26 in order to fully address backlog of works.

General

Mike Seaton is our Clerk and Kelsick Centre Manager, and Helen Ramsay our Accounts Administrator.

The trustees have given support to me and the Foundation, without which we could not go forward. I would like to thank them all. Thank you.

Page 4

KELSICK’S EDUCATIONAL FOUNDATION

Trustees’ Annual Report

For the year ended 31 March 2025

Kelsick’s Educational Foundation provides each of the three Primary schools - Ambleside, Grasmere and Langdale with a core grant, a contribution based on the number of pupils, support for extra-curricular activities and grants towards special educational projects.

A Case study - Ambleside CE Primary School – Academic Year 2023-2024

Pupil numbers have been falling year-on-year for some time now. The school currently has 64 pupils on roll as we lost several families over the summer holidays due to a lack of affordable housing in Ambleside.

In February, our Key Stage 2 children enjoyed performing at Young Voices – a musical event held in the AO Arena in Manchester where thousands of children from across the northwest come together to sing alongside a host of professional musicians. This was a superb experience for the children and was thoroughly enjoyed by all.

In March, our year 5 and 6 children headed down to London to immerse themselves in city life a long way from rural Ambleside. They stayed in London for three days and managed to fit in lots of interesting things: a cruise on the River Thames, a ride on the London Eye, Buckingham Palace, a trip to the RSC’s production of Matilda in the West End, St Paul’s Cathedral, the Natural History Museum and the Houses of Parliament.

In St Paul’s, the children took part in a workshop about St Paul’s during the Second World War and found out about the brave men and women of the St Paul’s watch who protected the building during the Blitz. The children had been learning about the Second World War in class and being immersed in such an iconic part of London really captured their interest. During their visit to the Houses of Parliament, they learnt all about how our democracy works here in the UK and were able to sit in a live debate in the House of Commons before being taken on a guided tour of the House of Lords and other rooms used by our MPs. The children became experts at hopping on and off the London Underground during their stay and were fantastic ambassadors for our school during the entire visit. This opportunity was surely an experience for the children which will live long in their memories.

In April, our year 3 and 4 children enjoyed a ‘Stone Age to Iron Age Day’. They had been learning about this period in their history lessons and their visit to St Catherine’s Wood was an engaging, hands-on day of experiences to bring their learning to life. They made Stone Age axes, natural cordage, copper creations and cave painting inspired pieces using natural pigments.

Page 5

KELSICK’S EDUCATIONAL FOUNDATION

Trustees’ Annual Report For the year ended 31 March 2025

Not to be outdone, our younger children also got out and about during the year to enhance their learning too. Our Key Stage 1 children learnt all about the local area in their geography lessons before learning about Beatrix Potter in history. To complement their learning, they explored the local area around Ambleside and then spent a day out of school exploring the ‘Beatrix Potter Attraction’ in Windermere. They travelled down to Windermere by taking the ferry from Waterhead which gave them a great opportunity to see more of the local landscape from a different perspective.

Another significant investment over the past twelve months has been in a much-needed new school curriculum for the children. We started our new curriculum in January 2024 and it encompassed most subjects: reading, writing, science, history, geography, design and technology, art, music and French. The staff undertook training before they began using the curriculum which upskilled them in a range of teaching approaches and the research evidence which shows the most effective ways that children learn. The training and the subsequent implementation of the new curriculum quickly began to have a positive impact on children’s learning and we look forward to seeing further growth in children’s learning over the next twelve months.

Libraries

The process of implementing a new curriculum highlighted our need to invest in research materials for the children to use. The non-fiction section of our school library was very old and hadn’t been updated for some time. We were delighted when the Kelsick Trust agreed to support us in renewing the books which enabled us to create a completely new nonfiction section in our junior library. We have also created an infant library over the past year which also benefitted from new nonfiction texts using Kelsick grant money. The books that we purchased not only complement the areas that children will be learning in their curriculum but are also child friendly and engaging which is now giving the children the chance to enjoy non-fiction when they are reading for pleasure.

Page 6

KELSICK’S EDUCATIONAL FOUNDATION

Trustees’ Annual Report

For the year ended 31 March 2025

PUBLIC BENEFIT

The Trustees of Kelsick’s Educational Foundation believe they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Principle 1. There must be identifiable benefits

Principle 2. Benefit must be to the public, or a section of the public.

FINANCIAL REVIEW

The two main funding sources are income from property and income from investments.

Activities and results

At the end of the financial year money held in the Banks came to £168,119 (2024 - £218,646) representing a decrease of £50,527 in the amount held compared with last year.

Our overall income for the year was £448,969 (2024 - £411,338) and expenditure £527,050 (2024 - £408,717).

Income from UK Investments was £76,861 (2024 - £51,906) and rental income from our property portfolio £372,108 (2024 - £359,182). The increase in investment income results from a revised investment strategy and targeted income yield. The loss in value in investments reflects the significant market volatility.

The operating deficit of £78,081 compared to a surplus of £2,621 in the prior year is attributable to the large increase in property maintenance costs. The increase in property maintenance costs year on year reflect, as previously noted, the addressing of backlog priority works, but the Foundation has been mindful of such costs and during this last 3-year period increased its cash reserves in order to fund the increased outgoings in this area in the near term.

It is a continuing sign of our financial health and resilience that we can continue to fund grant applications and have money available for emergency grant aid and for property maintenance. We now receive many letters from grant recipients, particularly in Higher Education, expressing their gratitude for the money they receive and stating how important it is in their being able to continue courses under considerably less financial stress.

Page 7

KELSICK’S EDUCATIONAL FOUNDATION

Trustees’ Annual Report

For the year ended 31 March 2025

Fixed Asset investments

The Trustees have appointed professional advisors (as noted on page 1) to assist them in the management of the property and investment portfolios. The net returns from the respective investments, after taking account of all directly attributable costs were 1.3% (2024 – 2.6%) for the property portfolio and 2.6% (2024 – 1.6%) for the investment portfolio. This year the market value of investments has decreased reflecting the general level of uncertainty over the economy.

Reserves policy

Unrestricted funds are needed:

The target level of free reserves is circa £200,000 which is based on six months unrestricted running costs together with a fund for property maintenance. This is reviewed annually by the Trustees taking into consideration the ongoing costs and property maintenance program. Free reserves as of 31 March 2025 were below that target at £126,042 (2024 - £197,456) reflecting the anticipated property maintenance requirements. Current levels are sufficient for planned expenditure in the near term.

Page 8

KELSICK'S EDUCATIONAL FOUNDATION Trustees. Annual Report For the year ended 31 March 2025 TRUSTEES, RESPONSIBILITIES The Trustees are resptsnsiblè for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdorn Accounting Standard5 (United Kingdom Generally Accepted Accountin8 Prarticel. The law applicable to charitles in England & Wale5 requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the charity and of the incoming resources and application of ￿soUrCeS of the charity for that period. In preparing these financial statements, the Trustee5 are requi￿d to". al select 5Ult3ble accounting policies and apply them consistently.. bl observe the method5 and principles in the Charities SORP., cl make jLJd8ments and accountin8 estimates that are reasonable and prudent.. dl State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, el prepare the financial statements on the goin8 concern basls unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keepin8 proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Report51 Regulation5 2008 and the provisions of the trust deed. They are a150 responsible for safeguardin8 the assets of the charity and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. thtrt is relevant audit inforrnation of which the charity'5 auditor is unaware,. the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to estsblish that the èudltor 55 aware ol that 5nlormatlon. The TrusteÈs' report was approvg.d and signpd nn hphalf nf thp TriJqtpp< hv.. Mr N Martin Chairman 14 August 2r125 P3ge 9

KELSICK'S EDUCATIONAL FOUNDATION

Independent Auditor's Report to the Trustees For the year ended 31 March 2025

Opinion

We have audited the financial statements of Kelsick's Educational Foundation (the ‘Charity’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, Statement of Financial Position, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees' report other than the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Page 10

KELSICK'S EDUCATIONAL FOUNDATION

Independent Auditor's Report to the Trustees (continued) For the year ended 31 March 2025

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 8, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and noncompliance with laws and regulations we have considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Charitable Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, Charities Act, Health and Safety Laws and Environmental Regulations.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Page 11

KELSICK'S EDUCATIONAL FOUNDATION

Independent Auditor's Report to the Trustees (continued) For the year ended 31 March 2025

Audit response to risks identified

Our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

100 Barbirolli Square Manchester M2 3BD

Michael Garrett (Senior Statutory Auditor) For and on behalf of Xeinadin Audit Limited

14 August 2025

Page 12

KELSICK'S EDUCATIONAL FOUNDATION

Statement of Financial Activities For the year ended 31 March 2025

Note
INCOME
Investment income
3
- Income from properties
- Income from investments
Other income
4
Total income
EXPENDITURE
Costs of raising funds
Investment property costs
8
Investment management costs
8
Expenditure on charitable activities
Education
8
Governance costs
8
Total expenditure
Net movement in funds
Fund balance at 1 April 2024
Fund balance at 31 March 2025
Net income (expenditure) and net movement
in funds before gains and losses on
investments
Gains (losses) on revaluation and
disposal of investments		 Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2025
2025
2025
2024
£
£
£
£
372,108
-
372,108
359,182
76,861
-
76,861
51,906
-
-
-
250
448,969
-
448,969
411,338
264,559
-
264,559
151,272
11,709
-
11,709
11,149
230,936
-
230,936
233,195
19,846
-
19,846
13,101
527,050
-
527,050
408,717
(78,081)
-
(78,081)
2,621
(92,000)
-
(92,000)
99,776
(170,081)
-
(170,081)
102,397
10,392,741
500
10,393,241
10,290,844
10,222,660
500
10,223,160
10,393,241

Page 13

KELSICK'S EDUCATIONAL FOUNDATION Statement of Financial Position As at 31 March 2025 Note 2025 2024 Flxed assets Investment properties Investments 7,620,000 2,477,118 7,62C>.000 2,575,785 io 10,097.118 10.195.785 Current a55ets Debtor5 Cash al bank 2nd in hand li 12,789 168.119 13,933 218,646 180,908 232,579 Credltors.. amounts falllng due withbn one year 12 154,8661 135,1231 Nèt curr*rt assèts 126,042 197,456 Net a55ets 13 10,223,160 10,393,241 FUNDS Restrided fund5 14 500 soo Unrestricted fvnds General funds 15 10,Z2Z,660 10,392,741 Total fvnds 10,223,160 10,393,241 The flnanclal statements on pa8es 14 to 25 were approved by the Board of Trustees and signed on its behalf bv.. Mr N Martin Chulr Mrj Cunningham Trustee Cholrmf4n oJFlnunce 14 August 2025 Pa8e 14

KELSICK'S EDUCATIONAL FOUNDATION

Statement of Cash Flows

For the year ended 31 March 2025

Net cash generated from operating activities
Cash flow from investing activities
Purchase of investments
Disposals of investments
Net cash flow from investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Cash and cash equivalents consists of:
Cash at bank and in hand
Net cash generated from operating activities
Depreciation
(Increase) decrease in debtors
(Decrease) increase in creditors
Net movement in funds before gains and losses
on investments		 2025
2024
£
£
(57,194)
(17,196)
(2,140,555)
(106,615)
2,147,222
115,814
6,667
9,199
(50,527)
(7,997)
218,646
226,643
168,119
218,646
168,119
218,646
(78,081)
2,621
-
-
1,144
(13,243)
19,743
(6,574)
(57,194)
(17,196)

Page 15

KELSICK'S EDUCATIONAL FOUNDATION

Notes to the Financial Statements For the year ended 31 March 2025

1 General information

Kelsick’s Educational Foundation is a registered Charity (charity number 526956) and is governed by a Scheme dated 13 November 2001, reference N165/01(s), as amended by resolution dated 20 August 2009, made by the Charity Commission for England and Wales under the power given in the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

2 Accounting policies

i. Basis of preparation

The accounts financial statements have been prepared in accordance with the relevant version of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The accounts financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the relevant version of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

ii. Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value. UK quoted securities are valued at the mid-market price quoted by the London Stock Exchange at the year end date. Unit trusts are at the middle of the prices prevailing on that date. The SoFA includes the net gains and losses arising on the revaluation and disposals throughout the year.

Investment properties are not depreciated. They are valued periodically by Carter Jonas, Chartered Surveyors on an open market basis.

Depreciation is provided on associated fixtures used in the investment properties at rates calculated to write off the cost of each asset over its expected useful life as follows:

Fixtures, fittings and equipment 20% straight line

iii. Funds

Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable

Restricted funds are funds which have been given for a particular purpose. Details of the nature and purpose of the restricted fund is set out in note 14 to the financial statements.

Designated funds comprise those funds which the trustees periodically set aside for investment property refurbishments and other designated purposes.

Page 16

KELSICK'S EDUCATIONAL FOUNDATION

Notes to the Financial Statements (continued) For the year ended 31 March 2025

2 Accounting policies (continued)

iv. Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the monetary value of income can be measured reliably.

Investment income is earned through holding assets for investment purposes including property and quoted securities. It includes rent, dividends and interest. Income from quoted securities is stated gross of tax and is included in the SOFA in the year in which it is receivable. Rental income is recognised when the Charity's right to payment is established.

The Charity funds its activities almost entirely through its investment income.

v. Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure (including irrecoverable VAT) is accounted for on an accruals basis.

Costs of raising funds represents costs relating to activities where the primary aim is to raise funds and consists of expenditure relating to the management of investments.

Charitable activities comprise of those costs incurred by the charity where the primary aim is the delivery of activities and services within the objects of the charity. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grants payable include all expenditure incurred on grants awarded or on other schemes run in the pursuance of the Foundation's objectives. Grants are accounted for when the Foundation has a legal or constructive commitment.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

vi. Support costs allocation

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. staff time or estimated usage as set out in Note 8.

vii. Gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value or cost in the year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the SoFA.

viii. Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

ix. Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

x. Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Page 17

KELSICK'S EDUCATIONAL FOUNDATION

Notes to the Financial Statements (continued) For the year ended 31 March 2025

3
Investment income
Income from UK property
Rents receivable
Room hire
Income from UK investments
Interest and dividends
Bank interest receivable		 2025
2024
£
£
361,034
350,483
11,074
8,699
372,108
359,182
73,839
49,058
3,022
2,848
76,861
51,906

4 Other income

Prior year balance represented the proceeds from the sale of a small parcel of land.

5
Staff costs
Salaries and wages
Social security costs
The average number of part time employees during the year was
Administration support staff
Cleaner		 2025
2024
£
£
30,508
32,300
-
-
30,508
32,300
Number
Number
2
2
1
1
3
3

No employee received remuneration amounting to more than £60,000 in either year.

None of the Trustees received any remuneration or expenses during either of the above two years.

Staff costs include a cleaner engaged on a contract basis.

6 Taxation

The Foundation is a registered charity and does not pay income tax.

7 Grants payable
Grants payable
Grants awarded to voluntary schools and organisations
Ambleside Primary School
Grasmere Primary School
Langdale Primary School
Grants awarded to individuals		 2025
2024
£
£
62,082
56,685
58,140
56,558
39,017
41,879
159,239
155,122
71,697
78,073
230,936
233,195

Page 18

KELSICK'S EDUCATIONAL FOUNDATION

Notes to the Financial Statements (continued)

For the year ended 31 March 2025

8 Total resources expended

2024
Total		 £ 78,073 155,122 11,149 9,723 62,514 16,134 4,606 - 9,188 - 4,043 4,452 - 13,390 32,300 8,023 408,717
2025
Total		 £ 71,697 159,239 11,709 11,998 139,117 18,973 18,549 3,100 2,309 20,725 6,940 5,520 - 19,785 30,508 6,881 527,050
Governance £ - - - - - - 7,386 - - - 6,940 5,520 - - - - 19,846
Education £ 71,697 159,239 - - - - - - - - - - - - - - 230,936
Investment property
costs		 £ - - - 11,998 139,117 18,973 11,163 3,100 2,309 20,725 - - - 19,785 30,508 6,881 264,559
Investment
management costs		 £ - - 11,709 - - - - - - - - - - - - - 11,709
Basis of allocation Direct Direct Direct Direct Direct Direct Direct Direct Direct Direct Direct Direct Direct Direct Staff Time Usage
Costs directly allocated to activities Grants to individuals Grants to voluntary schools and organisations Investment management fees Rates and services Maintenance and repairs Insurance Legal and professional fees Bad debts Sundry expenses Security systems upgrade and maintenance Auditors' fees - audit services Auditors' fees - other services Depreciation Property management costs Support costs allocated to activities Staff costs Office costs

Page 19

KELSICK'S EDUCATIONAL FOUNDATION

Notes to the Financial Statements (continued) For the year ended 31 March 2025

9
Investment properties
Cost / Valuation
At 1 April 2024
Additions
Revaluation
At 31 March 2025
At cost
At valuation
Depreciation
At 1 April 2024
Disposals
Charge for the year
At 31 March 2025
Net book value :
At 31 March 2025
At 31 March 2024		 Fixtures,
Freehold land
fittings and
and buildings
equipment
Total
£
£
£
7,620,000
70,319
7,690,319
-
-
-
-
-
-
7,620,000
70,319
7,690,319
-
70,319
70,319
7,620,000
-
7,620,000
7,620,000
70,319
7,690,319
-
70,319
70,319
-
-
-
-
-
-
-
70,319
70,319
7,620,000
-
7,620,000
7,620,000
-
7,620,000

The freehold land and buildings belonging to the Foundation were revalued at an open market value for existing use basis on 1 June 2022 by Carter Jonas, Chartered Surveyors.

10
Fixed Asset Investments
Fair value :
At 1 April 2024
Additions at cost
Disposal proceeds
Increase (decrease) in fair value
At 31 March 2025		 2025
2024
£
£
2,575,785
2,485,208
2,140,555
106,615
(2,160,843)
(108,124)
(78,379)
92,086
2,477,118
2,575,785

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets including the London Stock Exchange. Holdings in common investment funds, unit trusts and open ended investment companies are at bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

Page 20

KELSICK'S EDUCATIONAL FOUNDATION

Notes to the Financial Statements (continued) For the year ended 31 March 2025

10 Fixed Asset Investments (continued)

Direct Property & Property Funds
MAYFAIR CAP INV MG THE PROP INC TST FOR CHARIT
FP FORESIGHT OEIC FP FRSGHT GBL REAL INFRS A
FP Foresight OEIC FP FRSGHT GBL REAL INFRS A
Fixed interest & fixed interest funds
RATHBONE UNIT TST RATHBONE ETHICAL BOND I DIS
ROYAL LONDON BOND RL ETHICAL BOND Z GBP DIS
RCB BONDS PLC 4.4% SNR 30/04/2027 GBP100
RCB BONDS PLC 4.25% SNR 30/03/2028 GBP100
RCB BONDS PLC 4.5% SNR 20/06/28 GBP100'8'
RCB BONDS PLC 4.25% SNR 06/07/2028 GBP100
Global Equities & Equity Funds
FP WHEB AST MGT FD FP WHEB SUST FD B ACC
CFP CASTLEFIELD FD CFP CASTLEFIELD SUST EURP
FIRST SENTIER INV SI WLDWIDE SUST B GBP DIS
LIONTRUST SUS FUT LIONTST SUST FUTR GBL GTH 2
SARASIN FUNDS ICVC SARASIN RESP GBL EQTY P DIS
Multi-Asset Funds
CCLA INVESTMENT MA INVESTMENT INCOME
CFP CASTLEFIELD FD CFP CSTLFLD THGHTFL GTH C
Other assets
CAPITAL FOR COLLEA ORD GBP0.4
CFP CASTLEFIELD FD CFP CASTLEFIELD REAL RTN GN
UK Equities & Equity Funds
CFP CASTLEFIELD FD CFP CASTLEFIELD SUST UK OPP
CFP CASTLEFIELD FD CFP CASTLEFIELD SUST UK SML
TOTAL		 Market
Market
Cost
Value
Cost
Value
2025
2025
2024
2024
£
£
£
£
-
-
25,986
24,102
-
-
42,201
34,672
-
-
42,217
29,939
-
-
110,404
88,713
-
-
58,327
50,956
-
-
58,205
50,642
-
-
17,825
17,369
-
-
14,625
13,800
-
-
22,725
21,042
-
-
24,625
23,697
-
-
196,332
177,506
-
-
136,819
153,293
-
-
152,946
179,500
-
-
151,120
169,126
-
-
92,670
110,864
-
-
75,737
84,307
-
-
609,292
697,091
23,785
540,000
23,785
566,389
1,965,744
1,882,537
-
-
1,989,529
2,422,537
23,785
566,389
43,605
54,581
43,605
64,074
-
-
129,269
141,658
43,605
54,581
172,874
205,731
-
-
83,256
143,184
-
-
565,464
697,171
-
-
648,720
840,355
2,033,134
2,477,118
1,761,407
2,575,785

Page 21

KELSICK'S EDUCATIONAL FOUNDATION

Notes to the Financial Statements (continued) For the year ended 31 March 2025

11
Debtors
2025
2024
£
£
Other debtors
12,789
13,933
12,789
13,933
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors and accruals
28,482
15,239
Other creditors
26,384
19,884
54,866
35,123
13
Analysis of net assets between funds
General
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
Fixed assets
10,096,618
500
10,097,118
Current assets
180,908
-
180,908
Current liabilities
(54,866)
-
(54,866)
Net assets at 31 March 2025
10,222,660
500
10,223,160
14
Restricted funds
2025
2024
£
£
At 31 March 2025 and 31 March 2024
500
500
15
Unrestricted funds
2025
2024
£
£
Balance at 1 April 2024
10,392,741
10,290,344
Incoming resources
448,969
411,338
Resources expended
(527,050)
(408,717)
Investment (losses) gains
(92,000)
99,776
Balance at 31 March 2025
10,222,660
10,392,741
16
Leasing agreements
2025
2024
£
£
Witin one year
523523
Between one year and five years
1,4391,962
1,962
2,485
Lanty Brow was gifted to the Foundation by the executors of the estate of the late Mr Hymas in December 1990,
under a deed of covenant which stipulated that no building was to take place on the land.
Minimum lease payments under non-cancellable operaring
leases fall due as follows:		 2025
2024
£
£
12,789
13,933
12,789
13,933
2025
2024
£
£
28,482
15,239
26,384
19,884
54,866
35,123
General
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
10,096,618
500
10,097,118
180,908
-
180,908
(54,866)
-
(54,866)		 2025
2024
£
£
12,789
13,933
12,789
13,933
2025
2024
£
£
28,482
15,239
26,384
19,884
54,866
35,123
10,222,660
500
10,223,160
2025
2024
£
£
500
500
10,222,660
10,392,741
2025
2024
£
£
523523
1,4391,962
1,962
2,485

17 Control

There is no ultimate controlling party.

18 Related Party Disclosures

During the period the charity had the following related party balance and transactions:

During the year, £242 of expenditure for the purpose of the charitable activities of the foundation was purchased from J F Martin & Co, which is Nick Martin's shop (Chairman of the foundation).

Page 22